Indian ride-hailing firm Ola stated on Thursday it had raised a $500 milllion (roughly Rs. 3,820 crore) mortgage from worldwide institutional buyers, because the SoftBank Group-backed start-up preps to make its inventory market debut subsequent 12 months.

Ola, which has a majority share of India’s ride-hailing market the place it competes with Uber, has plans to lift as much as $1 billion (roughly Rs. 7,620 crore) via an preliminary public providing.

Earlier this month, Ola Chief Executive Officer Bhavish Aggarwal stated the corporate deliberate to go public within the first half of 2022.

The proposed mortgage issuance received a staggering response from buyers with curiosity and dedication of about $1.5 billion (roughly Rs. 11,430 crore), the Bengaluru-based firm stated.

Aggarwal additionally plans to listing Ola’s separate electrical car enterprise sooner or later – a phase it has wager closely on – and is presently constructing it out beginning with electrical scooters. Ola started deliveries of its electrical scooters on Dec. 15.

© Thomson Reuters 2021